shareholders are better served by making the compensation decision themselves. In this paper, in a game theoretic set up, we … analyze shareholder payoffs under the traditional delegated- governance structure wherein shareholders set the compensation of … alternate owner-governance structure wherein shareholders determine the compensation contracts for both the board and management …

preferences for monitoring executive compensation. When shareholders express disapproval through low Say-On-Pay (SOP) support … shareholder support for reelection, and decreased directorial compensation. Shareholders at firms sharing an affected director …-binding SOP votes may provide shareholders with a mechanism to influence director incentives, and therefore, executive …